Edgar Filing: ING PRIME RATE TRUST

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

Quarterly Schedule of Portfolio Holdings of Registered
Management Investment Company

Investment Company Act file number: 811-5410

ING Prime Rate Trust

(Exact name of registrant as specified in charter)

7337 E. Doubletree Ranch Rd., Scottsdale, AZ 85258

(Address of principal executive offices) (Zip code)

C T Corporation System, 101 Federal Street, Boston, MA 02110
(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end:	February 28

Date of reporting period:	November 30, 2008

Item 1. Schedule of Investments

The schedules of investments as of the close of the reporting period are set forth below for:

ING Prime Rate Trust

The schedules are not audited.

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Senior Loans*: 167.3%

Aerospace & Defense: 2.3%

Avio Group

556,314

Term Loan, 5.243%, maturing December 13, 2014

370,505

EUR

708,333

Term Loan, 5.903%, maturing December 13, 2014

600,529

590,346

Term Loan, 5.868%, maturing December 13, 2015

393,170

EUR

708,333

Term Loan, 6.528%, maturing December 13, 2015

600,529

Delta Airlines, Inc.

Ba2

BB-

1,485,000

Term Loan, 4.588%, maturing April 30, 2012

1,011,656

Delta Airlines, Inc.

5,456,149

Term Loan, 5.831%, maturing April 30, 2014

2,799,004

McKechnie Aerospace DE, Inc.

B+

987,500

Term Loan, 3.440%, maturing May 11, 2014

738,156

Transdigm, Inc.

Ba3

BB-

3,000,000

Term Loan, 5.210%, maturing June 23, 2013

2,325,000

United Airlines, Inc.

B+

4,133,798

Term Loan, 3.438%, maturing February 01, 2014

1,963,554

Wesco Aircraft Hardware Corporation

BB-

1,458,750

Term Loan, 3.690%, maturing September 29, 2013

1,145,119

11,947,222

Automobile: 2.1%

Dollar Thrifty Automotive Group, Inc.

B-

534,375

Term Loan, 3.436%, maturing June 15, 2014

160,312

Ford Motor Company

CCC+

9,681,447

(3)

Term Loan, 4.430%, maturing December 16, 2013

3,957,292

KAR Holdings, Inc.

Ba3

B+

4,307,011

Term Loan, 6.020%, maturing October 18, 2013

2,630,864

Oshkosh Truck Corporation

Ba3

BB+

7,007,342

Term Loan, 4.197%, maturing December 06, 2013

4,484,699

11,233,167

Beverage, Food & Tobacco: 4.3%

ARAMARK Corporation

Ba3

1,209,004

Term Loan, 5.637%, maturing January 26, 2014

968,412

13,061,435

Term Loan, 5.637%, maturing January 26, 2014

10,462,209

2,947,500

Term Loan, 5.637%, maturing January 26, 2014

2,360,948

Pinnacle Foods Holding Corporation

5,628,750

Term Loan, 6.423%, maturing April 02, 2014

3,865,077

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Beverage, Food & Tobacco (continued)

Sturm Foods, Inc.

2,955,000

Term Loan, 6.000%, maturing January 31, 2014

1,780,387

United Biscuits

GBP

1,476,692

Term Loan, 7.419%, maturing December 14, 2014

1,504,273

Van Houtte, Inc.

Ba3

BB-

651,750

Term Loan, 6.262%, maturing July 19, 2014

454,596

88,875

Term Loan, 6.262%, maturing July 19, 2014

61,990

Wm. Wrigley Jr. Company

BBB

1,500,000

Term Loan, 7.750%, maturing October 06, 2014

1,401,308

22,859,200

Buildings & Real Estate: 1.5%

Contech Construction Products, Inc.

1,651,129

Term Loan, 5.512%, maturing January 31, 2013

1,023,700

Custom Building Products, Inc.

Ba3

BB-

3,649,828

Term Loan, 4.309%, maturing October 29, 2011

2,408,886

John Maneely Company

B+

4,232,536

Term Loan, 7.628%, maturing December 09, 2013

2,746,916

KCPC Acquisition, Inc.

Ba2

B-

529,286

Term Loan, 3.688%, maturing May 22, 2014

375,793

189,655

Term Loan, 6.063%, maturing May 22, 2014

134,655

LaFarge Roofing

169,425

Term Loan, 5.887%, maturing June 14, 2015

64,664

EUR

441,573

Term Loan, 7.267%, maturing June 14, 2015

214,173

EUR

180,337

Term Loan, 7.267%, maturing June 14, 2015

87,467

171,654

Term Loan, 6.137%, maturing March 14, 2016

65,515

EUR

409,551

Term Loan, 7.517%, maturing March 14, 2016

198,641

EUR

210,674

Term Loan, 7.517%, maturing March 14, 2016

102,182

Shea Capital I, LLC

Caa2

BB-

160,317

Term Loan, 4.724%, maturing October 27, 2011

48,095

Tishman Speyer

Ba2

B+

1,500,000

Term Loan, 3.230%, maturing December 27, 2012

600,000

8,070,687

Cargo Transport: 1.9%

Baker Tanks, Inc.

1,970,000

Term Loan, 3.671%, maturing May 08, 2014

1,034,250

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Cargo Transport (continued)

Dockwise Transport, N.V.

1,094,819

Term Loan, 6.012%, maturing January 11, 2015

678,788

875,000

Term Loan, 6.012%, maturing January 11, 2015

542,500

875,000

Term Loan, 6.637%, maturing January 11, 2016

542,500

1,094,819

Term Loan, 6.637%, maturing January 11, 2016

678,788

500,000

Term Loan, 8.262%, maturing July 11, 2016

237,500

560,000

Term Loan, 8.262%, maturing October 20, 2016

266,000

(1)

Gainey Corporation

749,586

(2)

Term Loan, 7.094%, maturing April 20, 2012

93,698

Inmar, Inc.

540,922

Term Loan, 3.690%, maturing April 29, 2013

421,919

Kenan Advantage Group, Inc.

B+

682,320

Term Loan, 6.762%, maturing December 16, 2011

460,566

Railamerica Transportation Corporation

194,560

Term Loan, 7.883%, maturing August 14, 2009

162,458

3,005,440

Term Loan, 7.883%, maturing August 14, 2009

2,509,542

TNT Logistics

Ba2

BB-

1,892,409

Term Loan, 5.046%, maturing November 04, 2013

1,207,987

723,070

Term Loan, 6.762%, maturing November 04, 2013

520,611

US Shipping Partners, L.P.

Caa2

CCC

1,786,152

Term Loan, 7.262%, maturing March 31, 2012

714,461

10,071,568

Cellular: 0.9%

Cricket Communications, Inc.

Ba2

B+

5,865,000

Term Loan, 7.262%, maturing June 16, 2013

4,836,795

4,836,795

Chemicals, Plastics & Rubber: 7.6%

AZ Chem US, Inc.

BB-

EUR

710,707

Term Loan, 5.673%, maturing February 28, 2013

541,899

Borsodchem Nyrt.

EUR

804,394

Term Loan, 7.656%, maturing March 26, 2015

678,075

EUR

804,394

Term Loan, 8.156%, maturing March 26, 2016

678,075

Brenntag Holding GmbH & Co. KG

B+

1,178,182

Term Loan, 5.071%, maturing January 17, 2014

854,182

3,621,818

Term Loan, 5.071%, maturing January 17, 2014

2,625,818

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

				Bank Loan Ratings† (Unaudited)		Market
Principal Amount			Borrower/Tranche Description	Moody’s	S&P	Value
*Chemicals, Plastics & Rubber (continued)*
			Celanese	Ba2	BB+
$	3,200,000		Term Loan, 4.350%, maturing April 02, 2014			$	2,464,000
			Cristal Inorganic Chemicals, Inc.	Ba3	B-
2,878,250			Term Loan, 6.012%, maturing May 15, 2014			1,770,124
			Cristal Inorganic Chemicals, Inc.	B3	CCC-
900,000			Term Loan, 9.512%, maturing November 15, 2014			405,000
			Hawkeye Renewables, LLC	B3	NR
3,626,591			Term Loan, 7.305%, maturing June 30, 2012			1,305,573
			Hexion Specialty Chemicals, Inc.	Ba3	B
2,450,000			Term Loan, 5.500%, maturing May 05, 2013			1,335,250
987,500			Term Loan, 6.063%, maturing May 05, 2013			474,000
1,164,000			Term Loan, 6.176%, maturing May 05, 2013			634,380
1,335,113			Term Loan, 6.063%, maturing May 06, 2013			727,637
6,152,388			Term Loan, 6.188%, maturing May 06, 2013			3,353,051
			Ineos US Finance, LLC	B2	B
1,895,688			Term Loan, 5.932%, maturing December 16, 2012			1,075,803
2,742,697			Term Loan, 5.950%, maturing December 16, 2013			1,355,921
2,741,945			Term Loan, 6.450%, maturing December 23, 2014			1,384,682
			ISP Chemco, Inc.	Ba3	BB-
3,456,250			Term Loan, 3.413%, maturing June 04, 2014			2,597,949
			JohnsonDiversey, Inc.	Ba2	BB-
498,493			Term Loan, 5.193%, maturing December 16, 2010			396,302
2,552,761			Term Loan, 5.509%, maturing December 16, 2011			2,029,445
			Kraton Polymers, LLC	B1	B
2,000,000			Term Loan, 5.313%, maturing May 12, 2013			1,233,334
			Lucite International US Finco, Ltd.	B3	B+
1,025,191			Term Loan, 3.690%, maturing July 07, 2013			891,916
695,816			Term Loan, 3.690%, maturing July 07, 2013			597,532
			LyondellBasell Industries	B1	B+
5,223,750			Term Loan, 7.000%, maturing December 20, 2014			2,197,705
4,646,748			Term Loan, 7.000%, maturing April 30, 2015			1,959,380
2,345,626			Term Loan, 7.000%, maturing April 30, 2015			980,472
			MacDermid, Inc.	B1	BB-
1,638,215			Term Loan, 5.762%, maturing April 12, 2014			1,060,744
EUR		801,817	Term Loan, 7.389%, maturing April 12, 2014			644,485
			Northeast Biofuels, LLC	Caa1	C
$	114,514		Term Loan, 9.750%, maturing June 28, 2013			45,806
			Polypore, Inc.	Ba2	BB-
3,291,666			Term Loan, 5.140%, maturing July 03, 2014			2,221,875
			Rockwood Specialties Group, Inc.	Ba2	BB+
1,847,862			Term Loan, 3.546%, maturing July 30, 2012			1,499,848
						40,020,263

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Containers, Packaging & Glass: 4.8%

Berry Plastics Corporation

B+

4,866,046

Term Loan, 4.178%, maturing April 03, 2015

3,264,304

Graham Packaging Company

B+

12,002,000

Term Loan, 5.509%, maturing October 07, 2011

9,228,686

Graphic Packaging International, Inc.

Ba3

BB-

3,790,864

Term Loan, 5.299%, maturing May 16, 2014

2,840,779

Mauser AG

EUR

625,000

Term Loan, 5.768%, maturing June 13, 2013

400,103

EUR

625,000

Term Loan, 7.130%, maturing June 13, 2014

400,103

842,699

Term Loan, 3.807%, maturing June 13, 2015

424,510

842,699

Term Loan, 4.057%, maturing June 13, 2016

424,510

Owens-Illinois

Baa3

BBB-

EUR

2,154,375

Term Loan, 5.414%, maturing June 14, 2013

2,167,409

Pro Mach, Inc.

2,437,500

Term Loan, 6.020%, maturing December 01, 2011

2,279,063

Smurfit-Stone Container Corporation

Ba2

591,595

Term Loan, 3.404%, maturing November 01, 2011

446,284

99,264

Term Loan, 4.897%, maturing November 01, 2011

75,110

Tegrant Holding Company

Caa3

500,000

Term Loan, 8.310%, maturing March 08, 2015

62,500

Xerium Technologies, Inc.

Caa1

B-

4,208,686

Term Loan, 9.262%, maturing May 18, 2012

3,051,298

25,064,659

Data and Internet Services: 6.8%

Activant Solutions, Inc.

B+

898,974

Term Loan, 4.548%, maturing May 02, 2013

566,354

Amadeus IT Group, S.A.

EUR

768,581

Term Loan, 6.481%, maturing May 04, 2015

468,619

EUR

768,581

Term Loan, 6.981%, maturing May 04, 2016

468,619

Audatex

Ba3

BB-

1,082,505

Term Loan, 4.819%, maturing May 16, 2014

855,179

Carlson Wagonlit Holdings, B.V.

Ba3

BB-

2,734,600

Term Loan, 5.715%, maturing August 03, 2012

1,647,597

First Data Corporation

Ba3

BB-

2,444,416

Term Loan, 4.345%, maturing September 24, 2014

1,670,690

247,500

Term Loan, 5.145%, maturing September 24, 2014

169,159

681,808

Term Loan, 5.982%, maturing September 24, 2014

465,144

L-1 Identity Solutions Operating Company

Ba3

BB+

500,000

Term Loan, 7.500%, maturing August 05, 2013

432,500

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Data and Internet Services (continued)

Mitchell International, Inc.

Ba3

B+

443,250

Term Loan, 5.813%, maturing March 28, 2014

353,492

Mitchell International, Inc.

Caa1

B+

250,000

Term Loan, 9.063%, maturing March 30, 2015

150,000

Orbitz

BB-

7,410,075

Term Loan, 5.739%, maturing July 25, 2014

3,309,836

Reynolds & Reynolds Company

Ba2

9,264,146

Term Loan, 3.436%, maturing October 26, 2012

5,651,129

Sabre, Inc.

B+

13,958,689

Term Loan, 5.251%, maturing September 30, 2014

5,707,554

Sitel, LLC

B+

2,261,385

Term Loan, 6.363%, maturing January 30, 2014

1,356,831

Sungard Data Systems, Inc.

Ba3

10,083,904

Term Loan, 4.003%, maturing February 28, 2014

7,154,842

2,500,000

Term Loan, 6.750%, maturing February 28, 2014

2,018,750

Transaction Network Services, Inc.

BB-

2,047,018

Term Loan, 4.178%, maturing March 28, 2014

1,734,848

Travelport, Inc.

Ba2

BB-

987,500

Term Loan, 3.686%, maturing August 23, 2013

509,797

1,445,156

Term Loan, 6.012%, maturing August 23, 2013

697,804

289,971

Term Loan, 6.012%, maturing August 23, 2013

140,015

35,528,759

Diversified / Conglomerate Manufacturing: 3.7%

BOC Edwards

BB-

3,209,375

Term Loan, 3.436%, maturing May 31, 2014

2,150,281

Brand Services, Inc.

2,829,179

Term Loan, 5.956%, maturing February 07, 2014

1,966,279

1,237,500

Term Loan, 6.876%, maturing February 07, 2014

952,875

Brand Services, Inc.

Caa1

CCC+

1,600,000

Term Loan, 8.325%, maturing February 07, 2015

1,268,000

Dresser, Inc.

B+

4,852,885

Term Loan, 4.451%, maturing May 04, 2014

3,366,689

EPD, Inc.

B+

3,031,875

Term Loan, 4.460%, maturing July 31, 2014

1,894,922

434,219

Term Loan, 4.460%, maturing July 31, 2014

271,387

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Diversified / Conglomerate Manufacturing (continued)

Ferretti, S.P.A.

EUR

577,667

Term Loan, 4.922%, maturing January 22, 2015

467,621

EUR

577,667

Term Loan, 4.922%, maturing January 21, 2016

467,621

Flextronics International, Ltd.

Ba1

BB+

686,623

Term Loan, 6.155%, maturing October 01, 2014

485,786

196,831

Term Loan, 7.069%, maturing October 01, 2014

136,141

Mueller Group, Inc.

Ba3

BB+

1,739,099

Term Loan, 4.952%, maturing May 24, 2014

1,269,542

Rexnord Corporation / RBS Global, Inc.

Ba2

BB-

963,581

Term Loan, 5.762%, maturing July 19, 2013

770,865

Sensata Technologies

BB-

4,105,500

Term Loan, 5.257%, maturing April 27, 2013

2,424,298

Sensus Metering Systems, Inc.

Ba2

1,408,696

Term Loan, 3.953%, maturing December 17, 2010

1,232,609

Textron Fastening Systems

B+

490,000

Term Loan, 7.262%, maturing August 11, 2013

257,250

19,382,166

Diversified / Conglomerate Service: 4.5%

Affinion Group

Ba2

3,937,668

Term Loan, 3.436%, maturing October 17, 2012

2,887,622

AlixPartners, LLP

BB-

2,578,769

Term Loan, 4.926%, maturing October 12, 2013

2,140,379

Brickman Group

Ba3

BB-

1,970,000

Term Loan, 3.436%, maturing January 23, 2014

1,211,550

Brock Holdings, Inc.

B+

1,477,500

Term Loan, 5.762%, maturing February 26, 2014

923,438

Catalina Marketing Corporation

Ba3

BB-

2,970,000

Term Loan, 6.762%, maturing October 01, 2014

1,997,325

Coach America Holdings, Inc.

2,116,071

Term Loan, 4.919%, maturing April 20, 2014

1,248,482

442,989

Term Loan, 6.412%, maturing April 20, 2014

261,364

Fleetcor Technologies Operating Company, LLC

Ba3

B+

114,100

Term Loan, 5.100%, maturing April 30, 2013

69,601

564,900

Term Loan, 5.100%, maturing April 30, 2013

344,589

Intergraph Corporation

Ba3

BB-

1,884,107

Term Loan, 4.196%, maturing May 29, 2014

1,483,734

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Diversified / Conglomerate Service (continued)

ISS Global A/S

EUR

877,193

Term Loan, 6.964%, maturing December 31, 2013

754,119

EUR

122,807

Term Loan, 6.964%, maturing December 31, 2013

105,576

ISTA International GmbH

EUR

1,668,522

Term Loan, 7.122%, maturing May 14, 2015

1,261,613

EUR

331,478

Term Loan, 7.122%, maturing May 14, 2015

250,639

Valley National Gases, Inc.

Ba3

BB-

1,946,121

Term Loan, 5.569%, maturing February 28, 2014

1,488,783

Valley National Gases, Inc.

CCC+

250,000

Term Loan, 9.321%, maturing August 28, 2014

175,000

Valleycrest Companies, LLC

BB-

1,849,094

Term Loan, 4.820%, maturing October 04, 2013

1,294,366

Vertafore, Inc.

3,053,790

Term Loan, 4.658%, maturing January 31, 2012

2,305,611

West Corporation

BB-

5,370,238

Term Loan, 4.207%, maturing October 24, 2013

3,405,069

23,608,860

Diversified Nat’l Rsrcs, Precious Metals & Minerals: 3.0%

Georgia Pacific Corporation

Ba2

BB+

20,498,916

Term Loan, 4.434%, maturing December 20, 2012

15,878,112

15,878,112

Ecological: 0.2%

Synagro Technologies, Inc.

B+

888,750

Term Loan, 4.244%, maturing April 02, 2014

617,681

Synagro Technologies, Inc.

Caa2

CCC+

485,000

Term Loan, 6.290%, maturing October 02, 2014

181,875

799,556

Electronics: 2.7%

Brocade Communications Systems, Inc.

Ba2

BB+

3,250,000

Term Loan, 7.000%, maturing October 07, 2013

2,795,000

Decision One

1,726,280

Term Loan, 12.000%, maturing April 15, 2010

1,726,280

Freescale Semiconductor, Inc.

Ba1

5,069,438

Term Loan, 4.600%, maturing November 29, 2013

2,960,871

Infor Global Solutions

B+

493,750

Term Loan, 6.520%, maturing July 28, 2012

274,031

618,676

Term Loan, 7.520%, maturing July 28, 2012

344,912

1,185,797

Term Loan, 7.520%, maturing July 28, 2012

661,082

EUR

736,875

Term Loan, 8.139%, maturing July 28, 2012

508,008

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan

Ratings†

(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Electronics (continued)

Infor Global Solutions

Caa2

CCC+

EUR

500,000

Term Loan, 11.392%, maturing March 02, 2014

126,286

Kronos, Inc.

Ba3

B+

3,300,893

Term Loan, 6.012%, maturing June 11, 2014

2,211,598

NXP, B.V.

Caa1

CCC

1,750,000

Floating Rate Note, 7.758%, maturing October 15, 2013

433,125

EUR

1,500,000

Floating Rate Note, 7.758%, maturing October 15, 2013

457,488

ON Semiconductor

Baa3

1,970,000

Term Loan, 3.186%, maturing September 03, 2013

1,526,750

14,025,431

Finance: 1.1%

LPL Holdings, Inc.

Ba3

B+

7,393,672

Term Loan, 5.512%, maturing June 28, 2013

5,693,127

5,693,127

Foreign Cable, Foreign TV, Radio and Equipment: 4.9%

Com Hem

SEK

8,666,667

Term Loan, 7.925%, maturing January 31, 2014

578,573

SEK

8,000,000

Term Loan, 8.050%, maturing January 31, 2015

534,067

Levana Holding 4 GmbH

EUR

728,399

Term Loan, 7.526%, maturing March 02, 2015

111,849

EUR

728,398

Term Loan, 7.776%, maturing March 02, 2016

111,849

Numericable/YPSO France SAS

EUR

765,871

Term Loan, 5.892%, maturing July 28, 2016

523,880

EUR

1,249,580

Term Loan, 5.892%, maturing July 28, 2016

854,753

EUR

1,984,549

Term Loan, 5.892%, maturing July 28, 2016

1,357,496

EUR

1,305,125

Term Loan, 6.142%, maturing July 28, 2016

901,009

EUR

694,875

Term Loan, 6.142%, maturing July 28, 2016

479,715

ProSiebenSat.1 Media AG

EUR

64,583

Term Loan, 5.826%, maturing July 02, 2014

38,677

EUR

1,190,021

Term Loan, 5.826%, maturing July 02, 2014

712,661

SEK

2,269,914

Term Loan, 6.295%, maturing July 02, 2014

132,039

EUR

801,232

Term Loan, 5.951%, maturing May 09, 2015

496,739

EUR

36,050

Term Loan, 5.951%, maturing May 09, 2015

22,350

UPC Financing Partnership

Ba3

B+

5,000,000

Term Loan, 4.600%, maturing December 31, 2014

3,605,000

EUR

7,346,871

Term Loan, 6.481%, maturing December 31, 2014

6,330,277

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Foreign Cable, Foreign TV, Radio and Equipment (continued)

Virgin Media Investment Holdings, Ltd.

Ba2

GBP

833,853

Term Loan, 8.129%, maturing September 03, 2012

973,331

GBP

423,993

Term Loan, 8.129%, maturing September 03, 2012

494,914

GBP

2,883,112

Term Loan, 8.147%, maturing September 03, 2012

3,365,371

GBP

3,454,322

Term Loan, 8.147%, maturing September 03, 2012

4,032,127

25,656,677

Gaming: 4.4%

Cannery Casino Resorts, LLC

1,632,874

Term Loan, 3.703%, maturing May 18, 2013

1,528,778

1,346,457

Term Loan, 4.993%, maturing May 18, 2013

1,260,620

CCM Merger, Inc.

BB-

3,234,471

Term Loan, 5.152%, maturing July 13, 2012

1,536,374

Centaur, LLC

CCC+

1,116,817

Term Loan, 9.762%, maturing October 30, 2012

698,011

Fontainebleau Las Vegas, LLC

1,266,667

Term Loan, 6.065%, maturing June 06, 2014

449,667

Golden Nugget, Inc.

BB-

349,358

Term Loan, 2.528%, maturing June 30, 2014

136,250

1,834,127

Term Loan, 3.430%, maturing June 30, 2014

715,310

Green Valley Ranch Gaming, LLC

1,422,955

Term Loan, 4.521%, maturing February 16, 2014

675,903

Green Valley Ranch Gaming, LLC

Caa3

CCC

750,000

Term Loan, 6.000%, maturing August 16, 2014

63,750

Greenwood Racing, Inc.

BB-

723,750

Term Loan, 5.430%, maturing November 28, 2011

452,344

Harrahs Operating Company, Inc.

B+

1,990,000

Term Loan, 6.536%, maturing January 28, 2015

1,174,349

1,492,500

Term Loan, 6.538%, maturing January 28, 2015

882,173

Isle Of Capri Casinos, Inc.

Ba3

4,360,213

Term Loan, 5.512%, maturing July 26, 2014

2,772,367

1,314,687

Term Loan, 5.512%, maturing July 26, 2014

835,921

1,744,085

Term Loan, 5.512%, maturing July 26, 2014

1,108,947

Las Vegas Sands, LLC

B+

1,596,000

Term Loan, 5.520%, maturing May 23, 2014

796,227

6,320,000

Term Loan, 5.520%, maturing May 23, 2014

3,152,978

New World Gaming Partners, Ltd.

B+

708,333

Term Loan, 6.553%, maturing September 30, 2014

332,031

3,515,104

Term Loan, 6.553%, maturing September 30, 2014

1,647,705

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Gaming (continued)

Seminole Tribe Of Florida

Baa3

BBB

16,661

Term Loan, 5.313%, maturing March 05, 2014

13,329

VML US Finance, LLC

867,738

Term Loan, 6.020%, maturing May 25, 2012

500,133

1,932,262

Term Loan, 6.020%, maturing May 24, 2013

1,113,686

2,000,000

Term Loan, 6.020%, maturing May 26, 2013

1,152,728

22,999,581

Healthcare, Education and Childcare: 21.7%

Accellent, Inc.

B+

1,945,000

Term Loan, 4.694%, maturing November 22, 2012

1,303,150

AGA Medical Corporation

BB-

1,632,209

Term Loan, 4.138%, maturing April 28, 2013

1,264,962

Catalent Pharma Solutions

Ba3

BB-

6,495,556

Term Loan, 6.012%, maturing April 10, 2014

4,043,483

CHG Medical Staffing, Inc.

Ba3

B+

1,572,000

Term Loan, 3.936%, maturing January 08, 2013

1,186,860

400,000

Term Loan, 6.255%, maturing January 08, 2013

302,000

CHS/Community Health Systems, Inc.

Ba3

43,201,602

Term Loan, 4.394%, maturing July 25, 2014

31,901,704

Concentra Operating Corporation

B+

1,975,000

Term Loan, 6.020%, maturing June 25, 2014

1,224,500

CRC Health Corporation

Ba3

BB-

1,442,277

Term Loan, 6.012%, maturing February 06, 2013

905,029

1,462,650

Term Loan, 6.012%, maturing February 06, 2013

917,813

Education Management Corporation

B+

6,171,248

Term Loan, 5.563%, maturing June 01, 2013

4,154,021

Emdeon Business Services, LLC

BB-

2,356,912

Term Loan, 6.517%, maturing November 16, 2013

1,708,761

EMSC, L.P.

Ba1

BB+

3,169,458

Term Loan, 4.811%, maturing February 10, 2012

2,789,123

Gambro

646,459

Term Loan, 5.618%, maturing June 05, 2014

425,047

SEK

2,146,343

Term Loan, 7.865%, maturing June 05, 2014

174,196

SEK

2,111,070

Term Loan, 7.865%, maturing June 05, 2014

171,333

646,459

Term Loan, 6.118%, maturing June 05, 2015

425,047

SEK

2,146,343

Term Loan, 8.365%, maturing June 05, 2015

174,196

SEK

2,111,070

Term Loan, 8.365%, maturing June 05, 2015

171,333

Gentiva Health Services, Inc.

Ba3

BB-

2,035,135

Term Loan, 4.128%, maturing March 31, 2013

1,643,371

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Healthcare, Education and Childcare (continued)

Harlan Sprague Dawley, Inc.

BB-

2,488,125

Term Loan, 7.174%, maturing July 11, 2014

1,953,178

Harrington Holdings, Inc.

BB-

2,429,667

Term Loan, 3.686%, maturing January 11, 2014

1,858,695

HCA, Inc.

Ba3

25,985,239

Term Loan, 6.012%, maturing November 18, 2013

19,545,785

Health Management Associates, Inc.

BB-

2,680,713

Term Loan, 5.512%, maturing February 28, 2014

1,822,885

Iasis Healthcare, LLC

Ba2

B+

144,841

Term Loan, 3.395%, maturing March 15, 2014

109,807

541,795

Term Loan, 5.118%, maturing March 15, 2014

410,748

1,565,784

Term Loan, 5.118%, maturing March 15, 2014

1,187,060

IM US Holdings, LLC

2,937,500

Term Loan, 4.798%, maturing June 26, 2014

2,100,313

Life Technologies Corporation

Baa3

BBB-

1,750,000

Term Loan, 6.000%, maturing November 21, 2015

1,603,437

Multiplan, Inc.

B+

1,223,153

Term Loan, 4.000%, maturing April 12, 2013

905,133

National Mentor, Inc.

B+

117,736

Term Loan, 5.570%, maturing June 29, 2013

99,487

1,974,686

Term Loan, 5.770%, maturing June 29, 2013

1,668,610

Nycomed

EUR

535,383

Term Loan, 7.423%, maturing December 10, 2014

394,045

EUR

1,397,300

Term Loan, 7.423%, maturing December 10, 2014

1,028,420

EUR

86,211

Term Loan, 7.423%, maturing December 10, 2014

63,452

EUR

54,917

Term Loan, 7.423%, maturing December 10, 2014

40,419

EUR

388,312

Term Loan, 7.423%, maturing December 10, 2014

285,800

EUR

1,397,300

Term Loan, 8.173%, maturing December 10, 2014

1,028,420

EUR

86,211

Term Loan, 8.173%, maturing December 10, 2014

63,452

EUR

54,917

Term Loan, 8.173%, maturing December 10, 2014

40,420

EUR

388,312

Term Loan, 8.173%, maturing December 10, 2014

285,800

EUR

535,383

Term Loan, 8.173%, maturing December 10, 2014

394,045

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Healthcare, Education and Childcare (continued)

Orthofix International/Colgate Medical

BB+

1,766,818

Term Loan, 8.270%, maturing September 22, 2013

1,404,620

Quintiles Transnational Corporation

2,953,370

Term Loan, 5.770%, maturing March 31, 2013

2,318,396

Renal Advantage, Inc.

B+

3,358,044

Term Loan, 5.319%, maturing October 06, 2012

2,350,631

Rural/Metro Operating Company, LLC

Ba2

BB-

835,293

Term Loan, 6.279%, maturing March 04, 2011

680,764

519,127

Term Loan, 6.790%, maturing March 04, 2011

423,088

Sterigenics International, Inc.

BB-

1,939,310

Term Loan, 5.120%, maturing November 21, 2013

1,318,731

Stiefel Laboratories, Inc.

BB-

687,900

Term Loan, 7.000%, maturing December 28, 2013

536,562

899,366

Term Loan, 7.000%, maturing December 28, 2013

701,506

Sun Healthcare Group, Inc.

Ba2

B+

847,364

Term Loan, 4.823%, maturing April 19, 2014

618,576

131,512

Term Loan, 5.014%, maturing April 19, 2014

96,004

217,241

Term Loan, 5.762%, maturing April 21, 2014

158,586

Surgical Care Affiliates, LLC

Ba3

2,962,500

Term Loan, 5.762%, maturing December 29, 2014

1,747,875

Team Health, Inc.

BB-

2,026,728

Term Loan, 4.443%, maturing November 23, 2012

1,378,175

United Surgical Partners International, Inc.

Ba3

311,290

Term Loan, 3.419%, maturing April 19, 2014

200,782

1,652,258

Term Loan, 4.457%, maturing April 19, 2014

1,065,706

Vanguard Health Holdings Company II, LLC

Ba3

B+

3,393,066

Term Loan, 4.666%, maturing September 23, 2011

2,807,762

Viant Holdings, Inc.

Ba3

B+

740,625

Term Loan, 6.020%, maturing June 25, 2014

403,641

VWR International, Inc.

B+

3,500,000

Term Loan, 3.936%, maturing June 29, 2014

2,318,750

EUR

2,500,000

Term Loan, 5.936%, maturing June 29, 2014

2,017,395

114,322,890

Home & Office Furnishings: 1.9%

Global Garden Products Italy, S.P.A.

EUR

1,250,000

Term Loan, 7.379%, maturing October 19, 2014

953,100

EUR

1,250,000

Term Loan, 7.879%, maturing October 19, 2015

953,100

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Home & Office Furnishings (continued)

Hilding Anders

EUR

324,872

Term Loan, 7.540%, maturing April 25, 2015

240,140

SEK

17,864,613

Term Loan, 7.733%, maturing April 25, 2015

1,141,160

National Bedding Company

BB-

2,177,466

Term Loan, 4.926%, maturing February 28, 2013

1,277,447

Simmons Company

B-

6,942,562

Term Loan, 5.499%, maturing December 19, 2011

4,477,953

Springs Window Fashions, LLC

B+

1,410,813

Term Loan, 6.563%, maturing December 31, 2012

941,717

9,984,617

Insurance: 2.4%

AmWINS Group, Inc.

B-

1,975,000

Term Loan, 4.358%, maturing June 08, 2013

1,283,750

Applied Systems, Inc.

B-

1,303,700

Term Loan, 6.230%, maturing September 26, 2013

1,075,553

Conseco, Inc.

B+

6,130,689

Term Loan, 3.768%, maturing October 10, 2013

4,030,928

Crawford & Company

BB-

2,836,786

Term Loan, 6.520%, maturing October 30, 2013

2,411,268

Hub International, Ltd.

B+

454,432

Term Loan, 6.262%, maturing June 13, 2014

282,884

2,021,803

Term Loan, 6.262%, maturing June 13, 2014

1,258,572

Swett & Crawford

2,561,000

Term Loan, 5.975%, maturing April 03, 2014

1,165,255

USI Holdings Corporation

2,277,500

Term Loan, 6.520%, maturing May 05, 2014

1,298,175

12,806,385

Leisure, Amusement, Entertainment: 8.6%

24 Hour Fitness Worldwide, Inc.

Ba3

B+

3,168,750

Term Loan, 5.361%, maturing June 08, 2012

2,075,531

Alpha D2, Ltd.

1,714,286

Term Loan, 3.681%, maturing December 31, 2013

1,150,286

1,178,571

Term Loan, 3.681%, maturing December 31, 2013

790,821

AMF Bowling Worldwide, Inc.

B+

3,085,938

Term Loan, 5.350%, maturing June 10, 2013

1,465,820

Cedar Fair, L.P.

Ba3

BB-

6,817,550

Term Loan, 3.436%, maturing August 30, 2012

4,731,380

Cinemark USA, Inc.

Ba3

3,675,000

Term Loan, 3.660%, maturing October 05, 2013

2,819,251

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Leisure, Amusement, Entertainment (continued)

HIT Entertainment, Inc.

Ba3

B+

1,940,892

Term Loan, 4.710%, maturing March 20, 2012

1,009,264

Kerasotes Showplace Theater, LLC

B-

675,000

Revolver, 2.300%, maturing October 31, 2010

644,625

281,978

Term Loan, 3.750%, maturing October 28, 2011

181,876

Metro-Goldwyn-Mayer, Inc.

Ba3

B+

33,072,092

Term Loan, 7.012%, maturing April 08, 2012

15,319,456

7,774,464

Term Loan, 7.012%, maturing April 09, 2012

3,601,241

NEP II, Inc.

4,429,996

Term Loan, 6.012%, maturing February 16, 2014

3,100,997

Warner Music Group

Ba3

10,807,499

Term Loan, 4.387%, maturing February 28, 2011

8,573,945

45,464,493

Lodging: 2.3%

Audio Visual Services Corporation

Ba3

B+

990,000

Term Loan, 6.020%, maturing February 28, 2014

445,500

Hotel Del Coronado

B+

16,400,000

Term Loan, 6.310%, maturing January 15, 2009

11,480,000

11,925,500

Machinery: 0.4%

Kion Group

EUR

1,238,909

Term Loan, 5.973%, maturing December 23, 2014

949,890

EUR

1,145,833

Term Loan, 6.387%, maturing December 23, 2015

875,859

LN Acquisition Corporation

BB-

359,091

Term Loan, 4.270%, maturing July 11, 2014

272,909

134,659

Term Loan, 4.270%, maturing July 11, 2014

102,341

2,200,999

Mining, Steel, Iron & Nonprecious Metals: 1.2%

Continental Alloys & Services, Inc.

491,563

Term Loan, 6.262%, maturing June 15, 2012

331,805

Noranda Aluminum Acquisition Corporation

Ba2

BB-

688,538

Term Loan, 4.239%, maturing May 18, 2014

416,565

Novelis

Ba2

1,234,375

Term Loan, 5.770%, maturing July 06, 2014

783,828

2,715,625

Term Loan, 5.770%, maturing July 06, 2014

1,724,422

Oxbow Carbon and Minerals Holdings, LLC

BB-

258,473

Term Loan, 5.762%, maturing May 08, 2014

181,362

2,887,165

Term Loan, 5.762%, maturing May 08, 2014

2,025,829

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Mining, Steel, Iron & Nonprecious Metals (continued)

Tube City IMS Corporation

Ba3

162,162

Term Loan, 5.762%, maturing January 25, 2014

113,513

1,317,770

Term Loan, 5.762%, maturing January 25, 2014

922,439

6,499,763

North American Cable: 15.9%

Atlantic Broadband

1,955,229

Term Loan, 6.020%, maturing August 10, 2012

1,779,258

Bresnan Communications, LLC

BB-

2,750,000

Term Loan, 4.737%, maturing September 29, 2013

2,099,166

2,246,939

Term Loan, 6.060%, maturing September 29, 2013

1,715,162

Cequel Communications, LLC

BB-

36,551,861

Term Loan, 6.161%, maturing November 05, 2013

24,702,954

Cequel Communications, LLC

Caa1

B-

1,525,000

Term Loan, 7.693%, maturing May 05, 2014

861,625

Charter Communications Operating, LLC

B+

18,079,769

Term Loan, 5.060%, maturing March 06, 2014

12,275,404

CSC Holdings, Inc.

Ba1

BBB-

21,085,057

Term Loan, 4.569%, maturing March 29, 2013

17,611,884

Insight Midwest Holdings, LLC

B+

9,002,500

Term Loan, 4.850%, maturing April 07, 2014

7,105,547

Knology, Inc.

1,975,000

Term Loan, 6.400%, maturing June 30, 2012

1,234,375

Mediacom Broadband, LLC

Ba3

BB-

10,254,981

Term Loan, 2.840%, maturing January 31, 2015

7,352,821

Quebecor Media, Inc.

2,917,500

Term Loan, 6.819%, maturing July 21, 2009

2,363,175

San Juan Cable, LLC

BB-

1,703,743

Term Loan, 4.820%, maturing October 31, 2012

1,022,246

WideOpenWest Finance, LLC

B-

5,833,333

Term Loan, 5.190%, maturing June 28, 2014

3,485,417

83,609,034

Oil & Gas: 4.0%

Alon USA

1,729,620

Term Loan, 3.860%, maturing June 22, 2013

1,210,734

216,202

Term Loan, 4.446%, maturing June 22, 2013

151,342

CR Gas Storage

Ba3

BB-

79,940

Term Loan, 4.843%, maturing May 13, 2011

63,353

151,353

Term Loan, 4.844%, maturing May 12, 2013

119,947

1,336,151

Term Loan, 4.847%, maturing May 12, 2013

1,058,900

224,609

Term Loan, 4.847%, maturing May 12, 2013

178,002

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Oil & Gas (continued)

McJunkin Corporation

B+

2,657,328

Term Loan, 7.012%, maturing January 31, 2013

2,149,779

MEG Energy

Ba3

BB+

2,782,500

Term Loan, 5.759%, maturing April 03, 2013

1,899,056

2,730,000

Term Loan, 5.770%, maturing April 03, 2013

1,863,225

Pine Prairie Energy Center

492,500

Term Loan, 5.620%, maturing December 31, 2013

421,088

SG Resources Mississippi, LLC

2,493,750

Term Loan, 4.993%, maturing April 02, 2014

2,125,922

Targa Resources, Inc.

Ba3

B+

1,039,832

Term Loan, 5.762%, maturing October 31, 2012

758,211

2,854,353

Term Loan, 5.970%, maturing October 31, 2012

2,081,300

Venoco, Inc.

Caa1

1,500,000

Term Loan, 6.250%, maturing September 20, 2011

1,001,250

Western Refining, Inc.

BB-

9,603,333

Term Loan, 9.250%, maturing May 30, 2014

5,713,983

20,796,092

Other Broadcasting and Entertainment: 1.7%

Deluxe Entertainment Services Group, Inc.

Ba3

B-

218,114

Term Loan, 5.051%, maturing May 11, 2013

130,869

2,262,201

Term Loan, 5.339%, maturing May 11, 2013

1,357,320

118,110

Term Loan, 6.012%, maturing May 11, 2013

70,866

Getty Images, Inc.

Ba2

1,000,000

Term Loan, 8.053%, maturing July 02, 2015

863,750

VNU

Ba3

B+

9,676,474

Term Loan, 4.229%, maturing August 09, 2013

6,498,362

8,921,167

Other Telecommunications: 3.7%

Asurion Corporation

B-

8,250,000

Term Loan, 5.305%, maturing July 03, 2014

5,630,625

BCM Ireland Holdings, Ltd.

Ba3

EUR

2,051,724

Term Loan, 5.267%, maturing September 30, 2014

1,925,078

EUR

2,051,953

Term Loan, 5.517%, maturing September 30, 2015

1,925,293

Cavalier Telephone

Caa1

B-

2,443,723

Term Loan, 7.750%, maturing December 31, 2012

855,303

Consolidated Communications

B+

1,000,000

Term Loan, 3.940%, maturing December 31, 2014

800,000

Gabriel Communications

B-

493,750

Term Loan, 6.069%, maturing May 31, 2014

355,500

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Other Telecommunications (continued)

Hargray Communications Group, Inc.

446,292

Term Loan, 6.012%, maturing June 29, 2014

359,265

Hawaiian Telcom Communications, Inc.

2,818,023

Term Loan, 6.262%, maturing June 01, 2014

1,180,047

Kentucky Data Link, Inc.

2,719,226

Term Loan, 3.686%, maturing February 26, 2014

2,188,977

One Communications

CCC+

2,694,643

Term Loan, 6.886%, maturing June 30, 2012

1,232,799

PAETEC Holding Corporation

433,815

Term Loan, 3.936%, maturing February 28, 2013

291,741

Time Warner Telecom Holdings, Inc.

Ba2

2,666,182

Term Loan, 3.691%, maturing January 07, 2013

2,109,616

U.S. Telepacific Corporation

CCC+

980,005

Term Loan, 7.347%, maturing August 04, 2011

676,204

19,530,448

Personal & Nondurable Consumer Products: 6.5%

Advantage Sales And Marketing

B-

3,012,249

Term Loan, 4.894%, maturing March 29, 2013

2,003,146

Bushnell Performance Optics

Ba3

BB-

1,732,500

Term Loan, 7.512%, maturing August 24, 2013

1,256,062

Fender Musical Instruments Corporation

B+

2,304,167

Term Loan, 5.170%, maturing June 09, 2014

1,440,104

1,163,750

Term Loan, 6.020%, maturing June 09, 2014

727,344

Gibson Guitar Corporation

442,683

Term Loan, 6.204%, maturing December 29, 2013

378,494

Huish Detergents, Inc.

Ba3

1,666,250

Term Loan, 5.770%, maturing April 26, 2014

1,321,891

Information Resources, Inc.

B+

401,792

Term Loan, 3.876%, maturing May 16, 2014

261,165

Jarden Corporation

Ba3

BB-

9,122,654

Term Loan, 5.512%, maturing January 24, 2012

7,216,020

1,175,172

Term Loan, 5.512%, maturing January 24, 2012

929,561

KIK Custom Products, Inc.

CCC+

72,439

Term Loan, 5.800%, maturing May 31, 2014

36,672

422,561

Term Loan, 5.800%, maturing May 31, 2014

213,921

Mega Bloks, Inc.

CCC

967,500

Term Loan, 8.750%, maturing July 26, 2012

292,669

Norwood Promotional Products

26,898,557

Term Loan, 6.000%, maturing August 16, 2011

15,870,149

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Personal & Nondurable Consumer Products (continued)

Spectrum Brands, Inc.

B-

875,115

Term Loan, 6.387%, maturing March 30, 2013

530,320

44,301

Term Loan, 6.850%, maturing March 30, 2013

26,846

Totes Isotoner Corporation

394,985

Term Loan, 6.323%, maturing January 31, 2013

211,317

Yankee Candle Company, Inc.

Ba3

BB-

2,693,077

Term Loan, 5.731%, maturing February 06, 2014

1,474,460

34,190,141

Personal, Food & Miscellaneous: 2.5%

Acosta, Inc.

2,932,500

Term Loan, 5.370%, maturing July 29, 2013

2,030,756

Arbys Restaurant Group, Inc.

BB-

4,776,677

Term Loan, 5.575%, maturing July 25, 2012

3,313,820

Culligan International Company

B-

985,000

Term Loan, 5.029%, maturing November 24, 2012

556,525

Dennys, Inc.

Ba2

555,000

Term Loan, 3.470%, maturing March 31, 2012

413,475

683,261

Term Loan, 4.959%, maturing March 31, 2012

509,030

N.E.W. Customer Services Companies, Inc.

3,191,953

Term Loan, 5.702%, maturing May 22, 2014

2,282,247

OSI Restaurant Partners, Inc.

B+

372,420

Term Loan, 5.069%, maturing June 14, 2013

168,706

4,368,651

Term Loan, 3.750%, maturing June 14, 2014

1,978,999

Reddy Ice Group, Inc.

BB-

1,000,000

Term Loan, 6.500%, maturing August 09, 2012

627,500

Sbarro, Inc.

B-

492,500

Term Loan, 3.931%, maturing January 31, 2014

309,044

Seminole Hard Rock Entertainment

750,000

Floating Rate Note, 7.536%, maturing March 15, 2014

397,500

U.S. Security Holdings, Inc.

Ba3

B+

559,398

Term Loan, 4.678%, maturing May 08, 2013

447,519

13,035,121

Printing & Publishing: 9.4%

American Achievement Corporation

Ba3

BB-

448,387

Term Loan, 5.070%, maturing March 25, 2011

399,065

Ascend Media Holdings, LLC

841,773

Term Loan, 5.313%, maturing January 31, 2012

235,696

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Printing & Publishing (continued)

Black Press, Ltd.

Ba3

BB-

724,913

Term Loan, 4.196%, maturing August 02, 2013

434,948

1,193,975

Term Loan, 4.196%, maturing August 02, 2013

716,385

Canwest Media, Inc.

Ba2

BB-

738,750

Term Loan, 4.196%, maturing July 10, 2014

435,862

Caribe Information Investments Inc.

B+

1,626,613

Term Loan, 3.697%, maturing March 31, 2013

1,097,964

Cengage Learning, Inc.

B+

5,077,500

Term Loan, 3.940%, maturing July 03, 2014

3,430,486

Cenveo Corporation

Ba2

BB+

29,961

Term Loan, 4.954%, maturing June 21, 2013

19,924

1,853,819

Term Loan, 4.954%, maturing June 21, 2013

1,232,790

Dex Media West, LLC

Ba2

4,250,000

Term Loan, 7.538%, maturing October 24, 2014

2,167,500

Flint Group

936,821

Term Loan, 6.126%, maturing December 31, 2012

442,648

353,279

Term Loan, 6.126%, maturing December 31, 2014

166,924

2,333,333

Term Loan, 6.126%, maturing May 29, 2015

1,102,500

EUR

666,667

Term Loan, 7.541%, maturing May 29, 2015

457,488

1,277,104

Term Loan, 6.126%, maturing December 31, 2015

603,432

Hanley Wood, LLC

2,708,865

Term Loan, 4.324%, maturing March 08, 2014

1,327,344

Idearc, Inc.

B-

24,980,186

Term Loan, 5.670%, maturing November 17, 2014

8,404,059

Intermedia Outdoor, Inc.

1,621,125

Term Loan, 6.762%, maturing January 31, 2013

1,013,203

Mediannuaire Holding

EUR

581,289

Term Loan, 6.204%, maturing April 10, 2016

302,868

EUR

581,289

Term Loan, 6.704%, maturing April 10, 2016

302,868

Merrill Communications, LLC

B+

2,879,358

Term Loan, 4.719%, maturing May 15, 2011

1,842,789

Nelson Canada

Ba3

3,960,000

Term Loan, 6.262%, maturing July 05, 2014

2,871,000

PagesJaunes Groupe, S.A.

EUR

800,000

Term Loan, 5.454%, maturing October 24, 2013

592,193

PBL Media

AUD

24,331,191

Term Loan, 7.028%, maturing February 05, 2013

8,744,034

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Printing & Publishing (continued)

Prism Business Media Holdings/ Penton Media, Inc.

B-

1,674,500

Term Loan, 5.635%, maturing February 01, 2013

833,064

R.H. Donnelley Corporation

Ba2

4,555,341

(3)

Term Loan, 5.637%, maturing June 30, 2011

2,793,941

Readers Digest

4,309,375

Term Loan, 4.469%, maturing March 02, 2014

1,616,016

EUR

745,873

Term Loan, 5.371%, maturing March 02, 2014

308,053

Source Media, Inc.

2,760,475

Term Loan, 8.770%, maturing November 08, 2011

1,518,261

Thomas Nelson Publishers

1,860,889

Term Loan, 8.500%, maturing June 12, 2012

1,265,404

Tribune Company

Caa1

CCC

1,491,225

Term Loan, 6.000%, maturing May 19, 2014

433,697

Valassis Communications, Inc.

Ba2

304,909

Term Loan, 5.520%, maturing March 02, 2014

180,659

919,570

Term Loan, 5.520%, maturing March 02, 2014

544,845

Yell Group, PLC

Ba3

BB-

2,000,000

Term Loan, 4.431%, maturing October 27, 2012

1,356,666

49,194,576

Radio and TV Broadcasting: 6.4%

Block Communications, Inc.

Ba1

BB+

972,500

Term Loan, 5.274%, maturing December 22, 2012

743,963

Citadel Broadcasting Corporation

B+

9,600,000

Term Loan, 5.021%, maturing June 12, 2014

3,744,000

CMP KC, LLC

1,352,663

Term Loan, 5.707%, maturing May 03, 2011

419,325

CMP Susquehanna Corporation

Caa1

B-

6,973,862

Term Loan, 3.640%, maturing May 05, 2013

2,249,071

Cumulus Media, Inc.

2,802,020

Term Loan, 3.506%, maturing June 11, 2014

1,337,964

CW Media Holdings, Inc.

Ba2

B+

2,722,500

Term Loan, 7.012%, maturing February 16, 2015

2,041,875

Emmis Communication

Caa1

B+

1,160,471

Term Loan, 4.900%, maturing November 01, 2013

580,235

FoxCo Acquisition, LLC

BB-

1,250,000

Term Loan, 7.250%, maturing July 14, 2015

831,250

Local TV Finance, LLC

B+

2,863,750

Term Loan, 3.965%, maturing May 07, 2013

1,417,556

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Radio and TV Broadcasting (continued)

Nexstar Broadcasting Group

Ba2

B+

2,232,761

Term Loan, 5.512%, maturing October 01, 2012

1,339,656

2,359,423

Term Loan, 5.512%, maturing October 01, 2012

1,415,653

Nextmedia Operating, Inc.

408,622

Term Loan, 5.453%, maturing November 15, 2012

238,022

919,398

Term Loan, 5.262%, maturing November 15, 2012

535,550

Paxson Communications

CCC+

4,500,000

Term Loan, 8.069%, maturing January 15, 2012

2,025,000

Regent Communications

B-

1,427,517

Term Loan, 6.012%, maturing November 21, 2013

1,042,088

Spanish Broadcasting Systems

Caa1

CCC+

3,860,000

Term Loan, 5.520%, maturing June 11, 2012

1,476,450

Univision Communications, Inc.

B-

23,999,786

Term Loan, 3.686%, maturing September 29, 2014

10,907,903

Univision Communications, Inc.

Caa1

CCC

1,733,625

Term Loan, 3.936%, maturing March 29, 2009

1,430,241

33,775,802

Retail Stores: 9.2%

Amscan Holdings, Inc.

1,477,500

Term Loan, 4.813%, maturing May 25, 2013

1,089,656

Burlington Coat Factory

CCC+

3,787,868

Term Loan, 4.450%, maturing May 28, 2013

1,698,226

CBR Fashion Holding

EUR

500,000

Term Loan, 5.517%, maturing July 20, 2015

419,364

EUR

460,000

Term Loan, 5.767%, maturing July 20, 2016

385,815

Dollar General Corporation

B+

8,500,000

Term Loan, 5.271%, maturing July 06, 2014

6,596,000

Dollarama Group, L.P.

Ba1

BB-

3,369,844

Term Loan, 5.170%, maturing November 18, 2011

2,611,629

General Nutrition Centers, Inc.

B-

3,546,000

Term Loan, 6.188%, maturing September 16, 2013

2,393,550

Guitar Center, Inc.

B-

5,000,000

Term Loan, 4.940%, maturing October 09, 2014

2,387,500

Harbor Freight Tools USA, Inc.

B+

6,187,911

Term Loan, 9.750%, maturing July 15, 2010

3,712,747

Michaels Stores, Inc.

6,613,345

Term Loan, 4.337%, maturing October 31, 2013

3,323,206

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Retail Stores (continued)

Nebraska Book Company, Inc.

Ba3

2,369,858

Term Loan, 6.380%, maturing March 04, 2011

1,421,915

Neiman Marcus Group, Inc.

Ba3

BB+

8,299,578

Term Loan, 4.565%, maturing April 06, 2013

5,266,340

Oriental Trading Company, Inc.

2,382,774

Term Loan, 4.871%, maturing July 31, 2013

1,366,123

Petco Animal Supplies, Inc.

BB-

5,035,312

Term Loan, 5.532%, maturing October 26, 2013

3,434,083

Phones 4U Group, Ltd.

GBP

1,615,726

Term Loan, 8.258%, maturing September 22, 2014

1,347,968

GBP

1,545,301

Term Loan, 8.758%, maturing September 22, 2015

1,289,214

Rite Aid

B+

4,975,000

Term Loan, 5.014%, maturing June 04, 2014

3,420,313

400,000

Term Loan, 6.000%, maturing June 04, 2014

278,000

Sally Holding, LLC

BB-

2,437,532

Term Loan, 4.189%, maturing November 16, 2013

1,822,818

Sports Authority

B-

977,500

Term Loan, 6.012%, maturing May 03, 2013

679,363

Toys “R” Us, Inc.

BB-

1,368,159

Term Loan, 5.724%, maturing July 19, 2012

854,611

Vivarte

EUR

2,500,000

Term Loan, 6.249%, maturing June 28, 2015

1,360,000

EUR

2,500,000

Term Loan, 6.749%, maturing June 28, 2016

1,360,000

48,518,441

Satellite: 0.6%

Intelsat Corporation

BB-

1,387,999

Term Loan, 6.650%, maturing January 03, 2012

1,077,434

1,387,579

Term Loan, 6.650%, maturing January 03, 2012

1,077,109

1,387,579

Term Loan, 6.650%, maturing January 03, 2012

1,077,109

3,231,652

Telecommunications Equipment: 1.9%

CommScope, Inc.

Ba3

BB-

1,243,734

Term Loan, 5.877%, maturing December 27, 2014

926,582

Macquarie UK Broadcast Ventures, Ltd.

GBP

4,383,255

Term Loan, 7.665%, maturing December 01, 2014

5,259,974

Sorenson Communications, Inc.

Ba2

4,480,849

Term Loan, 4.000%, maturing August 16, 2013

3,769,514

9,956,070

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

			Bank Loan Ratings† (Unaudited)		Market
Principal Amount		Borrower/Tranche Description	Moody’s	S&P	Value
*Textiles & Leather: 0.1%*
		Targus Group, Inc.	B2	B
$	1,335,227	Term Loan, 6.340%, maturing November 22, 2012			$	660,937
					660,937
*Utilities: 10.2%*
		Boston Generating, LLC	B1	B-
256,593		Term Loan, 6.012%, maturing December 20, 2013			148,182
7,017,157		Term Loan, 6.012%, maturing December 20, 2013			4,052,408
1,916,404		Term Loan, 6.012%, maturing December 20, 2013			1,106,723
		Calpine Corporation	B2	B+
1,522,500		Revolver, 4.109%, maturing March 29, 2014			1,027,688
2,470,074		Term Loan, 6.645%, maturing March 29, 2014			1,742,726
		Coleto Creek WLE, L.P.	B1	BB-
750,000		Revolver, 1.053%, maturing June 30, 2011			517,500
5,161,025		Term Loan, 6.512%, maturing June 28, 2013			3,741,743
764,331		Term Loan, 6.512%, maturing June 28, 2013			554,140
		FirstLight Power Resources, Inc.	B1	B+
2,635,312		Term Loan, 5.750%, maturing November 01, 2013			2,016,014
906,823		Term Loan, 6.313%, maturing November 01, 2013			693,719
		FirstLight Power Resources, Inc.	B3	CCC+
610,514		Term Loan, 7.711%, maturing May 01, 2014			457,886
		Infrastrux Group, Inc.	B2	B
4,193,446		Term Loan, 5.686%, maturing November 03, 2012			3,512,011
		MACH Gen, LLC	B2	B+
453,125		Term Loan, 5.762%, maturing February 22, 2013			417,328
4,297,055		Term Loan, 4.196%, maturing February 22, 2014			3,957,588
		NRG Energy, Inc.	Ba1	BB
10,557,512		Term Loan, 5.262%, maturing February 01, 2013			8,841,916
4,036,982		Term Loan, 5.262%, maturing February 01, 2013			3,380,973
		NSG Holdings, LLC	Ba2	BB
183,673		Term Loan, 4.320%, maturing June 15, 2014			137,755
1,337,728		Term Loan, 4.320%, maturing June 15, 2014			1,003,296

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

Bank Loan
Ratings†
(Unaudited)

Market

Principal Amount

Borrower/Tranche Description

Moody’s

S&P

Value

Utilities (continued)

Texas Competitive Electric Holdings Company, LLC

Ba3

B+

2,983,659

Term Loan, 5.278%, maturing October 14, 2014

2,035,932

1,974,962

Term Loan, 5.283%, maturing October 14, 2014

1,344,209

2,940,000

Term Loan, 5.547%, maturing October 14, 2014

2,004,713

TPF Generation Holdings, LLC

Ba3

BB-

3,664,399

Term Loan, 5.762%, maturing December 15, 2013

3,105,579

1,431,519

Term Loan, 5.762%, maturing December 15, 2013

1,213,213

TPF Generation Holdings, LLC

B-

1,500,000

Term Loan, 8.012%, maturing December 15, 2014

952,500

Viridian Group, PLC

GBP

1,080,000

Term Loan, 7.687%, maturing December 19, 2012

1,299,483

EUR

1,072,386

Term Loan, 7.928%, maturing December 19, 2012

1,062,975

Wolf Hollow I, L.P.

B+

450,000

Term Loan, 2.471%, maturing June 22, 2012

326,250

1,800,000

Term Loan, 1.336%, maturing June 22, 2012

1,260,000

2,094,343

Term Loan, 6.012%, maturing June 22, 2012

1,466,040

53,380,490

Total Senior Loans
(Cost $1,371,272,710)

879,680,448

OTHER CORPORATE DEBT: 0.7%

Automobile: 0.7%

Avis Budget Car Rental

Ba3

B-

750,000

Floating Rate Note, 7.521%, maturing May 15, 2014

165,000

Navistar International Corporation

BB-

1,800,000

Unsecured Term Loan, 5.683%, maturing January 19, 2012

994,500

4,950,000

Unsecured Term Loan, 4.686%, maturing January 19, 2012

2,734,875

Total Other Corporate Debt
(Cost $7,500,000)

3,894,375

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

EQUITIES AND OTHER ASSETS: 0.1%

		Description		Market Value USD
(1), (@), (R)		Allied Digital Technologies Corporation (Residual Interest in Bankruptcy Estate)		$	—
(@), (R)		Block Vision Holdings Corporation (571 Common Shares)		—
(2), (@), (R)		Boston Chicken, Inc. (Residual Interest in Boston Chicken Plan Trust)		—
(2), (@), (R)		Cedar Chemical (Liquidation Interest)		—
(@), (R)		Decision One Corporation (1,752,103 Common Shares)		—
(2), (@), (R)		Enterprise Profit Solutions (Liquidation Interest)		—
(@), (R)		EquityCo, LLC (Warrants for 28,752 Common Shares)		—
(4), (@), (R)		Euro United Corporation (Residual Interest in Bankruptcy Estate)		—
(2), (@), (R)		Grand Union Company (Residual Interest in Bankruptcy Estate)		—
(@), (R)		Humphrey’s, Inc. (Residual Interest in Bankruptcy Estate)		—
(2), (@), (R)		IT Group, Inc. (Residual Interest in Bankruptcy Estate)		25
(2), (@), (R)		Kevco Inc. (Residual Interest in Bankruptcy Estate)		25
(2), (@), (R)		Lincoln Paper & Tissue (Warrants for 291 Common Shares, Expires August 14, 2015)		—
(1), (@), (R)		Lincoln Pulp and Eastern Fine (Residual Interest in Bankruptcy Estate)		—
(@), (R)		Norwood Promotional Products, Inc. (104,148 Common Shares)		—
(@), (R)		Norwood Promotional Products, Inc. (Contingent Value Rights)		—
(@), (R)		Safelite Realty Corporation (57,804 Common Shares)		462,432
(1), (@), (R)		Transtar Metals (Residual Interest in Bankruptcy Estate)		—
(1), (@), (R)		TSR Wireless, LLC (Residual Interest in Bankruptcy Estate)		—
(2), (@), (R)		US Office Products Company (Residual Interest in Bankruptcy Estate)		—
		Total for Equities and Other Assets (Cost $1,580,560)		462,482
		Total Investments (Cost $1,380,353,270)**	168.1%	$	884,037,305
		Other Assets and Liabilities — Net	(68.1)	(358,126,043)
		Net Assets	100.0%	$	525,911,262

	*	Senior loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These senior loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate (“LIBOR”) and other short-term rates.
	†	Bank Loans rated below Baa are considered to be below investment grade.
	NR	Not Rated
	(1)	The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy code.
	(2)	Loan is on non-accrual basis.
	(3)	Trade pending settlement. Contract rates do not take effect until settlement date.
	(4)	The borrower filed for protection under the Canadian Bankruptcy and Insolvency Act.

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

(@)	Non-income producing security.
(R)	Restricted security.
AUD	Australian Dollar
GBP	British Pound Stirling
EUR	Euro
SEK	Swedish Kronor
**	For Federal Income Tax purposes cost of investments is $1,380,579,383.
	Net unrealized depreciation consists of the following:
	Gross Unrealized Appreciation	$	297,555
	Gross Unrealized Depreciation	(496,839,633)
	Net Unrealized Depreciation	$	(496,542,078)

The following table summarizes the inputs used as of November 30, 2008 in determining the Trust’s investments at fair value for purposes of SFAS 157:

	Investments in Securities		Other Financial Instruments*
Level 1 — Quoted Prices	$	—	$	—
Level 2 — Other Significant Observable Inputs	865,742,698		3,608,383
Level 3 — Significant Unobservable Inputs	18,294,607		—
Total	$	884,037,305	$	3,608,383

“Fair value” for purposes of SFAS 157 is different from “fair value” as used in the 1940 Act. The former generally implies market value, and can include market quotations as a source of value, and the latter refers to determinations of actual value in absence of available market quotations.

* Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the nine months ended November 30, 2008, was as follows:

	Investments in Securities			Other Financial Instruments*
Balance at 02/29/08	$	18,607,111		$	—
Net purchases/sales	5,874,221			—
Total realized and unrealized gain (loss)	(8,438,865		)	—
Accrued Discounts/(Premiums)	2,252,140			—
Transfers in and/or out of Level 3	—			—
Balance at 11/30/08	$	18,294,607		$	—

* Other financial instruments may include forward foreign currency contracts, futures, swaps, and written options. Forward foreign currency contracts and futures are reported at their

ING Prime Rate Trust

PORTFOLIO OF INVESTMENTS
as of November 30, 2008 (Unaudited) (continued)

unrealized gain/loss at period end. Swaps and written options are reported at their market value at period end.

For the nine months ended November 30, 2008, total change in unrealized gain (loss) on Level 3 securities included in the change in net assets was $(4,180,991). Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations.

At November 30, 2008 the following forward foreign currency contracts were outstanding for ING Prime Rate Trust:

Currency	Buy/Sell	Settlement Date	In Exchange For		Unrealized Value		Appreciation/ (Depreciation)
Australian Dollar AUD 7,900,000	Sell	12/15/08	$	5,418,627	$	5,167,893	$	250,734
Australian Dollar AUD 5,200,000	Sell	01/15/09	3,396,120		3,396,003		117
Euro EUR 24,810,000	Sell	12/15/08	33,812,808		31,523,652		2,289,156
Euro EUR 22,610,000	Sell	01/15/09	28,259,109		28,720,261		(461,152)
British Pound Sterling GBP 7,265,000	Sell	12/15/08	12,611,313		11,195,464		1,415,849
British Pound Sterling GBP 7,065,000	Sell	01/15/09	10,725,023		10,889,476		(164,453)
Swedish Kronor SEK 15,900,000	Sell	12/15/08	2,242,753		1,962,389		280,364
Swedish Kronor SEK 14,400,000	Sell	01/15/09	1,774,710		1,776,942		(2,232)
			$	98,240,463	$	94,632,080	$	3,608,383

See Accompanying Notes to Financial Statements

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): ING Prime Rate Trust

By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer

Date:	January 29, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer

Date:	January 29, 2009

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date:	January 29, 2009